Thursday, 28 April 2016

Dozen private firms evince interest in buying BKC plot

86,828sqmt plot in Bandra Kurla Complex may fetch MMRDA `315cr

Close to a dozen private companies have come forward to purchase Transferable Development Rights (TDR) from the Mumbai Metropolitan Region Development Authority (MMRDA). Officials believe this is a good sign for the organisation that will soon close tenders for the sale of one of its biggest plots in Bandra Kurla Complex.

“On Tuesday, our bidding for the sale of 86,828.12sqmt of TDR was closed and on Wednesday, technical bids were opened, with around a dozen bids being received,” a senior MMRDA official told dna.

If the entire lot of 86,828.12 sqmt of TDR is sold out, the MMRDA will fetch a minimum of Rs315 crore as the reserve price has been kept at Rs36,350/m.
Interestingly, a couple of weeks ago, the bidders or developers had asked MMRDA to reduce the reserve price by around Rs4,000/mt, which the MMRDA refused outright.

Last week, during the pre-bid meeting for the sale of the plot at Bandra Kurla Complex, 12 developers had turned up to buy the plot. Therefore, MMRDA officials are hopeful of getting a desirable price for the 12,486sqmt of land, on which 50,000sqmt of commercial construction is permitted. The reserve price for the entire plot is Rs1,479 crore.

The previous attempt to sell the TDR was made in January, wherein the MMRDA had come out with 30,000sqmt of TDR for sale with an expectation to earn a minimum of Rs154 crore. But it did not receive enough response from the realty market to sell the entire 30,000sqmt.

Credit :  Ateeq Shaikh ,